EURUSD Technical Analysis: Resistance at 1.1662
Market Overview
The EURUSD pair continues to display bullish momentum as we head into Thursday’s trading session. Yesterday’s close at 1.16620 marks a significant move higher, breaking through key resistance levels and signaling potential continuation toward higher targets.
Want to trade setups like this automatically? Our free EAs run 24/5 with built-in risk management.
Get Free EAs →Key Currency Pair Movements
EURUSD remains the focal point of today’s analysis. The pair rallied sharply on April 8th, closing near the session high of 1.17210. This represents a 70-pip gain from the open and suggests strong buying interest above the 1.1595 level. The daily range of 136 pips reflects heightened volatility and conviction.
Supporting pairs like GBPUSD and USDJPY should be monitored for broader risk sentiment. If the dollar weakens across major pairs, EURUSD upside could extend further.
Technical Analysis Observations
Current Price Level: 1.16620 (as of April 8th close)
The technical picture favors the bulls. Here’s what we’re seeing:
- Resistance Breakout: Yesterday’s high of 1.17210 now acts as potential resistance and a confirmation level for further upside
- Support Established: The 1.15850 low from April 8th provides solid support, with stronger support at 1.1544 (March 27th level)
- Trend Structure: Higher highs and higher lows since March 31st confirm an uptrend is in place
- Momentum: The aggressive close near yesterday’s highs suggests bullish continuation bias
On the weekly timeframe, EURUSD remains within an established uptrend that began in late March. The pair is testing toward the 1.17 psychological level and potentially eyeing 1.1750+ if momentum sustains.
Key Economic Events to Watch
The remainder of this week holds several catalysts that could impact EUR/USD direction:
- ECB Speakers: Monitor any ECB commentary for hints on monetary policy direction
- US Economic Data: Weekly jobless claims and upcoming employment reports remain dollar-sensitive
- Risk Sentiment: Equity markets and broader risk appetite continue influencing major currency pairs
Traders should remain alert to any surprises in inflation or employment data, as these typically trigger significant intraday swings.
Trading Outlook
Bullish Bias (Preferred): On a break above 1.17210, the next targets could be 1.1750 and 1.1780. This scenario benefits from sustained risk appetite and potential EUR strength.
Key Support Zones: 1.1585, 1.1544, and 1.1520 should hold in a continued bullish scenario. A break below 1.1544 would negate the short-term uptrend and suggest consolidation or potential pullback.
Risk Management: With increased volatility, ensure proper position sizing. Consider tighter stops around the 1.1550 level for aggressive longs, or wait for dips to stronger support zones for lower-risk entries.
For traders interested in systematic approaches to these setups, our grid trading strategy article offers valuable insights into managing volatile ranging conditions.
Ready to Trade These Levels?
Our free SteadyPips EA and GridMaster EA can help you automate these setups with built-in risk management.
This analysis is for educational purposes only and does not constitute financial advice. Trading forex carries significant risk. Past performance is not indicative of future results.